HM Bradley - is it safe - FDIC response

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aristotelian
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Re: HM Bradley - is it safe - FDIC response

Post by aristotelian »

I will also be pulling my funds after January 1. Hopefully we all get our money out with no issues!
brad.clarkston
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Re: HM Bradley - is it safe - FDIC response

Post by brad.clarkston »

Vulcan wrote: Fri Aug 20, 2021 10:46 pm
ball241 wrote: Fri Aug 20, 2021 5:09 pm Yea, would like move forward. But not being able to know where funds are held is red flag for me.
Do you know where your Vanguard mutual fund assets are held?

Yes I do.

I just logged into my Fidelity account, went to each of my core sweep's and clicked the "FDIC Program Banks" link.
That got a pop-up window that shows exactly the two banks holding my money and the exact amount.
Underneath that was a list of 27 banks that could hold my money.

I did the same with Vanguard, that was vastly harder and I had to call but they got me the information.

Lets not kid ourselves into thinking a startup finetech company is in the same class as Vanguard or Fidelity.
Last edited by brad.clarkston on Wed Dec 15, 2021 2:58 pm, edited 1 time in total.
70% AVGE | 20% FXNAX | 10% T-Bill/Muni
Auream
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Re: HM Bradley - is it safe - FDIC response

Post by Auream »

ChiKid24 wrote: Wed Dec 15, 2021 2:32 pm Got the email too. I was already doing this for the 3.5%. Drops down to 3% after Jan 1. Frankly I was worried it was going to be much worse. This is still better than anything else out there for up to $100k.
Agreed. If you only have $5K-15K then you're probably better off with a good Reward Checking account. But even with the hoops this still can't be beat for $100K.
racoonpilotstheship
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Re: HM Bradley - is it safe - FDIC response

Post by racoonpilotstheship »

Also worth nothing the the credit card has a $60 annual fee after the first year.
livejamie
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Re: HM Bradley - is it safe - FDIC response

Post by livejamie »

Are there any alternatives that are worth looking into?

T-Mobile money is the only other one I'm aware of with 1%
patrick
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Re: HM Bradley - is it safe - FDIC response

Post by patrick »

aristotelian wrote: Wed Dec 15, 2021 2:35 pm I will also be pulling my funds after January 1. Hopefully we all get our money out with no issues!
The reduced rates don't take effect until February 1.
MrJedi
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Re: HM Bradley - is it safe - FDIC response

Post by MrJedi »

I scheduled an ACH out for tomorrow for my full balance less $5. Don't care to squeeze out an extra month at the good rate. I already chunked out a large amount in the past couple months for Series I Savings bonds and also Tastyworks brokerage bonuses.

I am going to keep my accounts open with $1 biweekly direct deposits in case it gets re-buffed (not holding my breath for this).
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

For good or bad I was already jumping through these hopes for the 0.5% bonus. Which I guess I'll lose going forward...

But I'll otherwise plan on keeping my money here.

I actually like the credit card - use it to gain an extra 1% cash back over my 2% Fidelity card on a specific category each month (great for one-time large purchases - so they get the 3% rate).

The $2500 DD is a harder one to meet, as that's more than I'd like going into the account... But since you can pay off the credit card with your HMBradley funds and not have it count as a withdrawal (unless they change that as well :annoyed), I just try to put more spend on that card to make it work out. (Or could always withdraw up to 80% of the $2500...)
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Re: HM Bradley - is it safe - FDIC response

Post by patrick »

Thinking about this a bit more, whether the account is still worth using seems to depend heavily on individual details. It looks like a:

Bad deal for small balances. If you have keep only 6K in HMBradley, the credit card annual fee is 1%, so your net return is only 2% per year. You can get well above 3% on small balances with no ongoing requirements (6.17% Digital Credit Union, 6% H-E-B Debit, 5% Service Credit Union) and on moderate balances with only debit purchase requirements (4.07% Genisys Credit Union, 3.3% Evansville Teachers Federal Credit Union).

Good deal if you are near but below the cap, if you will grow the account. If you keep 75K in HMBradley, the credit card annual fee is only 0.08%. You could reach the $100 credit purchase requirement with only one category so all the credit purchases get 3% rewards.

Complex question if you are already at the cap. The card fee is only 0.06% but the cap is a problem. You'd be adding $2750 a month to the account including interest, of which $550 can't be withdrawn except to pay the card. If you only make the minimum $100 in credit purchases that would leave an extra $450 beyond the cap added each month, which drags the overall interest rate down more and more the longer it goes on. Making $550 per month in credit purchase would allow you to avoid going over the cap, but that would likely require multiple categories of credit purchases, lowering the HMBradley reward rate, so you could lose a significant amount of rewards if some of those purchases would otherwise have gone on a 3% or higher rewards card.
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

patrick wrote: Wed Dec 15, 2021 3:56 pm Thinking about this a bit more, whether the account is still worth using seems to depend heavily on individual details. It looks like a:

Bad deal for small balances. If you have keep only 6K in HMBradley, the credit card annual fee is 1%, so your net return is only 2% per year. You can get well above 3% on small balances with no ongoing requirements (6.17% Digital Credit Union, 6% H-E-B Debit, 5% Service Credit Union) and on moderate balances with only debit purchase requirements (4.07% Genisys Credit Union, 3.3% Evansville Teachers Federal Credit Union).

Good deal if you are near but below the cap, if you will grow the account. If you keep 75K in HMBradley, the credit card annual fee is only 0.08%. You could reach the $100 credit purchase requirement with only one category so all the credit purchases get 3% rewards.

Complex question if you are already at the cap. The card fee is only 0.06% but the cap is a problem. You'd be adding $2750 a month to the account including interest, of which $550 can't be withdrawn except to pay the card. If you only make the minimum $100 in credit purchases that would leave an extra $450 beyond the cap added each month, which drags the overall interest rate down more and more the longer it goes on. Making $550 per month in credit purchase would allow you to avoid going over the cap, but that would likely require multiple categories of credit purchases, lowering the HMBradley reward rate, so you could lose a significant amount of rewards if some of those purchases would otherwise have gone on a 3% or higher rewards card.
+1

While it obviously varies - things like "utilities" for many people (at least for me) are approaching that $550 month range. And those are automatic monthly expenses. So that's my "default" spend on the card, and I'll get the extra 1% over my daily 2% card for doing so - which effectively pays the annual fee

If I make a large purchase - for example we bought a new piece of further earlier this year - I'll use the HMBradely card. It moves my "normal" spend down to 2% (same as I would have otherwise got), but I'll gain a little bit extra cash back on the large purchase. And this can also be used indirectly to "take money out of HMBradley" without making a withdrawal that would impact your savings tier. Let's say you have $10k in HMBradley, and want $3k - but don't want to "withdraw" the $3k... Simply charge $3k of expenses to the HMBradley CC, and pay the bill from the HMBradley account - leaving you your $3k in your other accounts for other purposes. (Again, I hope they don't start counting CC payments as withdrawals!)
tj
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Re: HM Bradley - is it safe - FDIC response

Post by tj »

SnowBog wrote: Wed Dec 15, 2021 4:07 pm
patrick wrote: Wed Dec 15, 2021 3:56 pm Thinking about this a bit more, whether the account is still worth using seems to depend heavily on individual details. It looks like a:

Bad deal for small balances. If you have keep only 6K in HMBradley, the credit card annual fee is 1%, so your net return is only 2% per year. You can get well above 3% on small balances with no ongoing requirements (6.17% Digital Credit Union, 6% H-E-B Debit, 5% Service Credit Union) and on moderate balances with only debit purchase requirements (4.07% Genisys Credit Union, 3.3% Evansville Teachers Federal Credit Union).

Good deal if you are near but below the cap, if you will grow the account. If you keep 75K in HMBradley, the credit card annual fee is only 0.08%. You could reach the $100 credit purchase requirement with only one category so all the credit purchases get 3% rewards.

Complex question if you are already at the cap. The card fee is only 0.06% but the cap is a problem. You'd be adding $2750 a month to the account including interest, of which $550 can't be withdrawn except to pay the card. If you only make the minimum $100 in credit purchases that would leave an extra $450 beyond the cap added each month, which drags the overall interest rate down more and more the longer it goes on. Making $550 per month in credit purchase would allow you to avoid going over the cap, but that would likely require multiple categories of credit purchases, lowering the HMBradley reward rate, so you could lose a significant amount of rewards if some of those purchases would otherwise have gone on a 3% or higher rewards card.
+1

While it obviously varies - things like "utilities" for many people (at least for me) are approaching that $550 month range. And those are automatic monthly expenses. So that's my "default" spend on the card, and I'll get the extra 1% over my daily 2% card for doing so - which effectively pays the annual fee

If I make a large purchase - for example we bought a new piece of further earlier this year - I'll use the HMBradely card. It moves my "normal" spend down to 2% (same as I would have otherwise got), but I'll gain a little bit extra cash back on the large purchase. And this can also be used indirectly to "take money out of HMBradley" without making a withdrawal that would impact your savings tier. Let's say you have $10k in HMBradley, and want $3k - but don't want to "withdraw" the $3k... Simply charge $3k of expenses to the HMBradley CC, and pay the bill from the HMBradley account - leaving you your $3k in your other accounts for other purposes. (Again, I hope they don't start counting CC payments as withdrawals!)
Why aren't you using the US Bank Cash + Card to get 5% cash back on your utilities?
oldlongbeard
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Re: HM Bradley - is it safe - FDIC response

Post by oldlongbeard »

oldlongbeard wrote: Thu Aug 19, 2021 5:24 pm I was an "early adopter". Did not have any real issues, but I learned of the change in terms of service here. So, I chatted with tech support, and they said I must have clicked on the "unsubscribe" link at the bottom of an email. Very possible, as they spammed quite a bit. So...... is it even legal for them to NOT notify of terms of service changes? (Any reputable outfit would be sure to send such announcements to even those that had "opted out" of emails.) So, I asked-- I cannot find out where to re-subscribe.... "oh, you can't do that on the website, we have to enable that for you". Huh. Handy.
BTW- the fact that you can add a beneficiary may be thanks to me, as it wasn't even possible for quite some time.... I asked "when" quite a number of times, I was given explicit time frames at least twice, which were not accurate. Any way, not a very well run outfit, in my experience. I'm done. Too many sketchy shenanigans for me. My experience, and maybe my expectations were unrealistic.
Regards,
Greg

^^ Glad I got out when I did. ^^
Crazy_Aussie
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Re: HM Bradley - is it safe - FDIC response

Post by Crazy_Aussie »

Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
frugalor
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Re: HM Bradley - is it safe - FDIC response

Post by frugalor »

patrick wrote: Wed Dec 15, 2021 3:56 pm Thinking about this a bit more, whether the account is still worth using seems to depend heavily on individual details. It looks like a:

Bad deal for small balances. If you have keep only 6K in HMBradley, the credit card annual fee is 1%, so your net return is only 2% per year. You can get well above 3% on small balances with no ongoing requirements (6.17% Digital Credit Union, 6% H-E-B Debit, 5% Service Credit Union) and on moderate balances with only debit purchase requirements (4.07% Genisys Credit Union, 3.3% Evansville Teachers Federal Credit Union).

Good deal if you are near but below the cap, if you will grow the account. If you keep 75K in HMBradley, the credit card annual fee is only 0.08%. You could reach the $100 credit purchase requirement with only one category so all the credit purchases get 3% rewards.

Complex question if you are already at the cap. The card fee is only 0.06% but the cap is a problem. You'd be adding $2750 a month to the account including interest, of which $550 can't be withdrawn except to pay the card. If you only make the minimum $100 in credit purchases that would leave an extra $450 beyond the cap added each month, which drags the overall interest rate down more and more the longer it goes on. Making $550 per month in credit purchase would allow you to avoid going over the cap, but that would likely require multiple categories of credit purchases, lowering the HMBradley reward rate, so you could lose a significant amount of rewards if some of those purchases would otherwise have gone on a 3% or higher rewards card.
This is a very thorough analysis :) the credit card is free for the first year. but you are right, when you are near the cap, you are losing money. there is a lot of thinking required here, i wonder it's worth it for the long term.
frugalor
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Re: HM Bradley - is it safe - FDIC response

Post by frugalor »

cancelling/closing their credit card will negatively impact credit score, right?
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billthecat
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Re: HM Bradley - is it safe - FDIC response

Post by billthecat »

MrJedi wrote: Wed Dec 15, 2021 2:29 pm
SnowBog wrote: Wed Dec 15, 2021 2:25 pm
techrules wrote: Wed Dec 15, 2021 2:24 pm New update mandates opening a credit card and jumping through multiple hoops to get 3%
Meet existing conditions for the Tiers i.e. save at least 20% of your deposits
New conditions require
1. Opening a credit card account with them
2. $2500 in DD
3. $100 minimum spend on credit card.
Are you saying they've dropped the 0.5% "boost" for having the CC and meeting those requirements?
There is a CC boost, but the top rate is now 3% with card+hoops and 1% without.

https://www.hmbradley.com/blog/the-hmbradley-ecosystem

I am moving my money out now. Don't like the CC hoops. I'd rather do some rewards checking hoops instead.
If I understand the linked page correctly, for anyone who currently has the savings account but not the credit card, they will just need to get the credit card by the end of the year to get the 3%. They will still need to retain 20% at HM Bradley but they will not have to spend $100/mo. on the credit card or meet the minimum direct deposit of $2,500. Is that right?
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MrJedi
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Re: HM Bradley - is it safe - FDIC response

Post by MrJedi »

billthecat wrote: Wed Dec 15, 2021 9:03 pm
MrJedi wrote: Wed Dec 15, 2021 2:29 pm
SnowBog wrote: Wed Dec 15, 2021 2:25 pm
techrules wrote: Wed Dec 15, 2021 2:24 pm New update mandates opening a credit card and jumping through multiple hoops to get 3%
Meet existing conditions for the Tiers i.e. save at least 20% of your deposits
New conditions require
1. Opening a credit card account with them
2. $2500 in DD
3. $100 minimum spend on credit card.
Are you saying they've dropped the 0.5% "boost" for having the CC and meeting those requirements?
There is a CC boost, but the top rate is now 3% with card+hoops and 1% without.

https://www.hmbradley.com/blog/the-hmbradley-ecosystem

I am moving my money out now. Don't like the CC hoops. I'd rather do some rewards checking hoops instead.
If I understand the linked page correctly, for anyone who currently has the savings account but not the credit card, they will just need to get the credit card by the end of the year to get the 3%. They will still need to retain 20% at HM Bradley but they will not have to spend $100/mo. on the credit card or meet the minimum direct deposit of $2,500. Is that right?
I believe that is just a grace period for new CC customers to get the boosted rate for 2022 Q1. For 2022 Q2 boosted rate you will need to fulfill all of the requirements during Q1.
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nisiprius
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Re: HM Bradley - is it safe - FDIC response

Post by nisiprius »

brad.clarkston wrote: Wed Dec 15, 2021 2:53 pm
Vulcan wrote: Fri Aug 20, 2021 10:46 pm
ball241 wrote: Fri Aug 20, 2021 5:09 pmYea, would like move forward. But not being able to know where funds are held is red flag for me.
Do you know where your Vanguard mutual fund assets are held?
Yes, I do.

It isn't the same for every fund. You find it in the Statement of Additional Information for the fund.

For example, I hold VAIPX, the Vanguard Inflation-Protected Securities Fund.

Vanguard.com >> (Search icon) >> VAIPX >> View prospectus and reports >> Statement of Additional Information (SAI) for this fund >> search for "Custodian"

Admittedly it takes some text searching as this is a giant document covering many funds. Page B-1:
DESCRIPTION OF THE TRUST
Vanguard Bond Index Funds (the Trust) currently offers the following funds and share classes (identified by ticker symbol)

Image

Custodian. JPMorgan Chase Bank, 383 Madison Avenue, New York, NY 10179, serves as the Funds’ custodian. The custodian is responsible for maintaining the Funds’ assets, keeping all necessary accounts and records of Fund assets, and appointing any foreign subcustodians or foreign securities depositories.
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Nate79
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Re: HM Bradley - is it safe - FDIC response

Post by Nate79 »

Unfortunately their credit card is not openly available. When you have an account based on your profile they may at times offer you the credit card. I had seen it in the past but ignore it. It's not available for me anymore and contacting customer service (by email, they responded with 30min) and said this:
We run our One-Click Credit process and present offers to qualified customers by the 3rd business day of each month. If you do not see a credit offer this month, we do not have a credit product available for you at the moment. As long as you have opted into One-Click Credit, we will keep checking each month to see if we can offer you a credit product.
So I have to wait until early January to see if I can get the CC.
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

Nate79 wrote: Wed Dec 15, 2021 9:58 pm Unfortunately their credit card is not openly available. When you have an account based on your profile they may at times offer you the credit card. I had seen it in the past but ignore it. It's not available for me anymore and contacting customer service (by email, they responded with 30min) and said this:
We run our One-Click Credit process and present offers to qualified customers by the 3rd business day of each month. If you do not see a credit offer this month, we do not have a credit product available for you at the moment. As long as you have opted into One-Click Credit, we will keep checking each month to see if we can offer you a credit product.
So I have to wait until early January to see if I can get the CC.
If I recall - I needed to change my direct deposit to $2500/month to get offered the credit card. That was before it was required for the "boost". Turned out I had to keep it for the "boost". And now I have to keep it for the 3% rate (but no more boost).

Unfortunate their rates/requirements are getting worse, but the 3% on up to $100k is still the best I've found... And this presumably will help them earn enough to keep the rates going longer.
JBTX
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Re: HM Bradley - is it safe - FDIC response

Post by JBTX »

Nate79 wrote: Wed Dec 15, 2021 9:58 pm Unfortunately their credit card is not openly available. When you have an account based on your profile they may at times offer you the credit card. I had seen it in the past but ignore it. It's not available for me anymore and contacting customer service (by email, they responded with 30min) and said this:
We run our One-Click Credit process and present offers to qualified customers by the 3rd business day of each month. If you do not see a credit offer this month, we do not have a credit product available for you at the moment. As long as you have opted into One-Click Credit, we will keep checking each month to see if we can offer you a credit product.
So I have to wait until early January to see if I can get the CC.
There’s the rub. I haven’t gotten an offer. Possibly because I keep my credit frozen. There will be no other offers until January. But to get 3% next quarter you have to have the credit card in place by 12/31/21. So as I read it there is no way for me to get 3% next quarter. I would get 1% doing what I’m doing now. If I had/could get the card I’d probably try to jump through the hoops but it is getting more than I wish to screw around with.

I will probably leave the money there for now, but won’t hesitate to pull money out for whatever reason. As the fed has announced rate increases next year soon 1% may not be that spectacular.

I have half a mind to just pull most of the money out now.
Crazy_Aussie
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Re: HM Bradley - is it safe - FDIC response

Post by Crazy_Aussie »

Nate79 wrote: Wed Dec 15, 2021 9:58 pm Unfortunately their credit card is not openly available. When you have an account based on your profile they may at times offer you the credit card. I had seen it in the past but ignore it. It's not available for me anymore and contacting customer service (by email, they responded with 30min) and said this:
We run our One-Click Credit process and present offers to qualified customers by the 3rd business day of each month. If you do not see a credit offer this month, we do not have a credit product available for you at the moment. As long as you have opted into One-Click Credit, we will keep checking each month to see if we can offer you a credit product.
So I have to wait until early January to see if I can get the CC.
I had to self-report my income to trigger them to offer me a credit card (this was a month or so ago), since I wasn't sending much into the accounts via Direct Deposit.

And I saw over on DOC that someone who hadn't opted into their credit offers before today, signed up just today to opt-in and then a few minutes later was offered the card.

So maybe you can self-report your true income, then opt-out, wait a bit and then opt back in to trigger that process?
That might be worth a try.
ball241
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Re: HM Bradley - is it safe - FDIC response

Post by ball241 »

Within these threads there has been many who have cited concerns regarding even the FDIC insured status of the account. Do any have concerns regarding credit card?
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Nate79
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Re: HM Bradley - is it safe - FDIC response

Post by Nate79 »

Crazy_Aussie wrote: Wed Dec 15, 2021 11:22 pm
Nate79 wrote: Wed Dec 15, 2021 9:58 pm Unfortunately their credit card is not openly available. When you have an account based on your profile they may at times offer you the credit card. I had seen it in the past but ignore it. It's not available for me anymore and contacting customer service (by email, they responded with 30min) and said this:
We run our One-Click Credit process and present offers to qualified customers by the 3rd business day of each month. If you do not see a credit offer this month, we do not have a credit product available for you at the moment. As long as you have opted into One-Click Credit, we will keep checking each month to see if we can offer you a credit product.
So I have to wait until early January to see if I can get the CC.
I had to self-report my income to trigger them to offer me a credit card (this was a month or so ago), since I wasn't sending much into the accounts via Direct Deposit.

And I saw over on DOC that someone who hadn't opted into their credit offers before today, signed up just today to opt-in and then a few minutes later was offered the card.

So maybe you can self-report your true income, then opt-out, wait a bit and then opt back in to trigger that process?
That might be worth a try.
Thanks for the suggestion. I'm going to give these and the other ideas a try to trigger the credit card.
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Vulcan
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Re: HM Bradley - is it safe - FDIC response

Post by Vulcan »

ball241 wrote: Thu Dec 16, 2021 6:13 am Within these threads there has been many who have cited concerns regarding even the FDIC insured status of the account. Do any have concerns regarding credit card?
What concerns may there be about credit cards?

I personally have no concerns about either (other than the credit card annual fee, which I normally eschew).

Where else can I get anywhere close to even 3.0% APR on FDIC insured deposit - let alone 3.5% I'm still getting currently.

I hate to say it, but they'd have to drop the rate below 2% before I'd bolt. I hope they aren't reading bh :-)
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Nate79
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Re: HM Bradley - is it safe - FDIC response

Post by Nate79 »

Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Escapevelocity
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Re: HM Bradley - is it safe - FDIC response

Post by Escapevelocity »

Vulcan wrote: Thu Dec 16, 2021 9:54 am
ball241 wrote: Thu Dec 16, 2021 6:13 am Within these threads there has been many who have cited concerns regarding even the FDIC insured status of the account. Do any have concerns regarding credit card?
What concerns may there be about credit cards?

I personally have no concerns about either (other than the credit card annual fee, which I normally eschew).

Where else can I get anywhere close to even 3.0% APR on FDIC insured deposit - let alone 3.5% I'm still getting currently.

I hate to say it, but they'd have to drop the rate below 2% before I'd bolt. I hope they aren't reading bh :-)
I knew a rate cut was coming but I am relieved they are leaving a way to get 3.0% I already have and use the credit card anway. My biggest challenge will be meeting the monthly $2500 direct deposit requirement to maintain the higher rate since I am retiring soon and only have a small pension below $1k per month.
ball241
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Re: HM Bradley - is it safe - FDIC response

Post by ball241 »

Vulcan wrote: Thu Dec 16, 2021 9:54 am
ball241 wrote: Thu Dec 16, 2021 6:13 am Within these threads there has been many who have cited concerns regarding even the FDIC insured status of the account. Do any have concerns regarding credit card?
What concerns may there be about credit cards?

I personally have no concerns about either (other than the credit card annual fee, which I normally eschew).

Where else can I get anywhere close to even 3.0% APR on FDIC insured deposit - let alone 3.5% I'm still getting currently.

I hate to say it, but they'd have to drop the rate below 2% before I'd bolt. I hope they aren't reading bh :-)
Was just asking the question. To be honest I didn't really understand why people were stating there was risk associated with the bank account. I just viewed it as an FDIC insured account like any other. But clearly based on peoples detailed scenario posts its not viewed as that simple by some

Thanks for response.
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Tamarind
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Re: HM Bradley - is it safe - FDIC response

Post by Tamarind »

Rats, I had just qualified for the boost to 3.5% to start Jan 1, now losing it.

I'll continue a while longer as 3% cannot be beat for my house reno fund. Of course once I start spending said fund I won't need the rate anymore.
engaged73016
Posts: 46
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

Nate79 wrote: Thu Dec 16, 2021 10:23 am Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Sorry, how did you update your income? Note that I had originally not opted in to the credit offers, so what I am seeing when logged in might be different?
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

engaged73016 wrote: Sat Dec 18, 2021 4:14 pm
Nate79 wrote: Thu Dec 16, 2021 10:23 am Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Sorry, how did you update your income? Note that I had originally not opted in to the credit offers, so what I am seeing when logged in might be different?
From the mobile app, click your profile icon in the top right corner, expand out Your Account and click Credit.

You may have to opt into credit offers... (which I previously did) But on my screen, a little past half way down there is a Reported Income section that let's me manually update my income.

I had previously started doing $2500 of DD, which I believe used to be required to get the offer originally. Also happens to be the threshold for the old 0.5% "boost", and now the requirement for the 3X to keep the 3.0% rate.
engaged73016
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

Nate79 wrote: Thu Dec 16, 2021 10:23 am Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Hi - just curious what it says when you log on to your HMBradley account? I did the same thing: opted in to credit offers, applied for the credit card, and it is now on its way, but my account still currently reads "You are not on track to earn a Tier Boost next quarter."
Thanks.
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Nate79
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Re: HM Bradley - is it safe - FDIC response

Post by Nate79 »

engaged73016 wrote: Mon Dec 27, 2021 4:23 pm
Nate79 wrote: Thu Dec 16, 2021 10:23 am Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Hi - just curious what it says when you log on to your HMBradley account? I did the same thing: opted in to credit offers, applied for the credit card, and it is now on its way, but my account still currently reads "You are not on track to earn a Tier Boost next quarter."
Thanks.
Yes, I see that message as well. I interpret that message that I haven't met the rules for the normal card holders during the quarter but their rule change document has different rules for new card holders. So I'm hoping that the message updates with the new quarter.
engaged73016
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

Nate79 wrote: Mon Dec 27, 2021 4:38 pm
engaged73016 wrote: Mon Dec 27, 2021 4:23 pm
Nate79 wrote: Thu Dec 16, 2021 10:23 am Just an update I took the advice above, I updated my income (not by much, increased it ~$10k just to make it more accurate), clicked off the credit offers and then re-clicked it (it makes you resign a T&C agreement). Waited a couple of hours and bingo got the credit card offer.

Note the credit card is a Mastercard.
Hi - just curious what it says when you log on to your HMBradley account? I did the same thing: opted in to credit offers, applied for the credit card, and it is now on its way, but my account still currently reads "You are not on track to earn a Tier Boost next quarter."
Thanks.
Yes, I see that message as well. I interpret that message that I haven't met the rules for the normal card holders during the quarter but their rule change document has different rules for new card holders. So I'm hoping that the message updates with the new quarter.
FYI, I've asked their customer support about this, and it is "normal" that it reads that message, but we will indeed qualify for the boost in Q1.
engaged73016
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

Crazy_Aussie wrote: Wed Dec 15, 2021 6:57 pm Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

engaged73016 wrote: Fri Dec 31, 2021 6:10 am
Crazy_Aussie wrote: Wed Dec 15, 2021 6:57 pm Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
engaged73016
Posts: 46
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am
Crazy_Aussie wrote: Wed Dec 15, 2021 6:57 pm Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..

Back to the actual subject of this thread, is anyone else having issues logging in to their HMBradley account right now?
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Nate79
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Re: HM Bradley - is it safe - FDIC response

Post by Nate79 »

engaged73016 wrote: Fri Dec 31, 2021 12:36 pm
SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am
Crazy_Aussie wrote: Wed Dec 15, 2021 6:57 pm Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..

Back to the actual subject of this thread, is anyone else having issues logging in to their HMBradley account right now?
The app is working just fine right now.
engaged73016
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

Nate79 wrote: Fri Dec 31, 2021 12:50 pm
engaged73016 wrote: Fri Dec 31, 2021 12:36 pm
SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am
Crazy_Aussie wrote: Wed Dec 15, 2021 6:57 pm Anyone know how this new scheme works for Joint accounts? Can the credit card be tied to the joint account rather than an individual account?
Right now my spouse and I each have individual accounts, and we have a joint account as well.
But neither of us bothered to get the credit card so far, because the $2500 DD was a little too much hassle for the extra half percent.

But now it might be worth figuring it out.
My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..

Back to the actual subject of this thread, is anyone else having issues logging in to their HMBradley account right now?
The app is working just fine right now.
It might be website specific.
Response from their support:
"Thanks for contacting HMBradley support. We apologize for the issue you are experiencing.
We’re experiencing some technical difficulties with logging in. Our engineering team is aware of the issue and working on a fix now. You should have access shortly. Thank you for your patience."

Hopefully my money is still there when I log back in..
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

engaged73016 wrote: Fri Dec 31, 2021 1:05 pm
Nate79 wrote: Fri Dec 31, 2021 12:50 pm
engaged73016 wrote: Fri Dec 31, 2021 12:36 pm
SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am

My understanding is that the credit card can be tied to both the individual account and the joint account.
On the other hand, both accounts need to fulfill the DD requirement.

On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..

Back to the actual subject of this thread, is anyone else having issues logging in to their HMBradley account right now?
The app is working just fine right now.
It might be website specific.
Response from their support:
"Thanks for contacting HMBradley support. We apologize for the issue you are experiencing.
We’re experiencing some technical difficulties with logging in. Our engineering team is aware of the issue and working on a fix now. You should have access shortly. Thank you for your patience."

Hopefully my money is still there when I log back in..
I was earlier today... Brief panic set in... But looked at Reddit for HMBradley, and others noted issues. About the time I found that, I was able to log in and everything was fine.
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

engaged73016 wrote: Fri Dec 31, 2021 12:36 pm
SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..
Agreed. But then again I think the low limits imposed are silly anyway.

At least HMBradley doesn't limit transfers originating externally. I had another bank that did - and as soon as I found out - I withdraw everything (slowly up to the enforced daily limits :x) and closed the account.
engaged73016
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Re: HM Bradley - is it safe - FDIC response

Post by engaged73016 »

SnowBog wrote: Fri Dec 31, 2021 3:20 pm
engaged73016 wrote: Fri Dec 31, 2021 12:36 pm
SnowBog wrote: Fri Dec 31, 2021 11:52 am
engaged73016 wrote: Fri Dec 31, 2021 6:10 am On this topic of joint account, does anyone know if there is a dollar limit to transfers from individual to joint (within HMBradley)?
I would hope that it is not subject to the limits of the external bank transfers.
I'm not sure... My guess is the same limits apply.

But you can use an external bank to pull & push whatever amounts you want.
Yes, it would just be a bit silly to have to go through another bank to transfer internally..
Agreed. But then again I think the low limits imposed are silly anyway.

At least HMBradley doesn't limit transfers originating externally. I had another bank that did - and as soon as I found out - I withdraw everything (slowly up to the enforced daily limits :x) and closed the account.
FWIW, I spoke to their customer support on the phone, and they said no limit to internal transfer. She did not sound sure, so I would only give it a 70% reliability score..
index2max
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Re: HM Bradley - is it safe - FDIC response

Post by index2max »

MrJedi wrote: Wed Dec 15, 2021 2:29 pm
SnowBog wrote: Wed Dec 15, 2021 2:25 pm
techrules wrote: Wed Dec 15, 2021 2:24 pm New update mandates opening a credit card and jumping through multiple hoops to get 3%
Meet existing conditions for the Tiers i.e. save at least 20% of your deposits
New conditions require
1. Opening a credit card account with them
2. $2500 in DD
3. $100 minimum spend on credit card.
Are you saying they've dropped the 0.5% "boost" for having the CC and meeting those requirements?
There is a CC boost, but the top rate is now 3% with card+hoops and 1% without.

https://www.hmbradley.com/blog/the-hmbradley-ecosystem

I am moving my money out now. Don't like the CC hoops. I'd rather do some rewards checking hoops instead.
I think the fundamental problem is that HM Bradley and institution behind it is a bank.

The fed sets interest rates very low right now. It's hard to game things in order to squeeze more yield out of depositors' money as a bank without using leverage, which many big banks do with their balance sheet, from what I understand.

Credit unions do not have this issue. There are no outside investors or shareholders to make happy along with their members who are the depositors. This was the same criticism Jack Bogle had about competing investment houses with outside owners. They have two masters to serve...

Plus credit unions are non-profits and escape corporate taxes. It's an annoying game to play, but I still think balance-capped, rewards checking accounts that simply require X transactions per month, but don't specify amounts are the best way forward for larger amounts of cash, especially with a spouse.

I'm sorry the music is starting to end so soon for you all.
JBTX
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Re: HM Bradley - is it safe - FDIC response

Post by JBTX »

index2max wrote: Sat Jan 01, 2022 8:44 pm
MrJedi wrote: Wed Dec 15, 2021 2:29 pm
SnowBog wrote: Wed Dec 15, 2021 2:25 pm
techrules wrote: Wed Dec 15, 2021 2:24 pm New update mandates opening a credit card and jumping through multiple hoops to get 3%
Meet existing conditions for the Tiers i.e. save at least 20% of your deposits
New conditions require
1. Opening a credit card account with them
2. $2500 in DD
3. $100 minimum spend on credit card.
Are you saying they've dropped the 0.5% "boost" for having the CC and meeting those requirements?
There is a CC boost, but the top rate is now 3% with card+hoops and 1% without.

https://www.hmbradley.com/blog/the-hmbradley-ecosystem

I am moving my money out now. Don't like the CC hoops. I'd rather do some rewards checking hoops instead.
I think the fundamental problem is that HM Bradley and institution behind it is a bank.

The fed sets interest rates very low right now. It's hard to game things in order to squeeze more yield out of depositors' money as a bank without using leverage, which many big banks do with their balance sheet, from what I understand.

Credit unions do not have this issue. There are no outside investors or shareholders to make happy along with their members who are the depositors. This was the same criticism Jack Bogle had about competing investment houses with outside owners. They have two masters to serve...

Plus credit unions are non-profits and escape corporate taxes. It's an annoying game to play, but I still think balance-capped, rewards checking accounts that simply require X transactions per month, but don't specify amounts are the best way forward for larger amounts of cash, especially with a spouse.

I'm sorry the music is starting to end so soon for you all.
As one who has an account, there was little doubt in mind that things would eventually change. Was decent place to park cash while it lasted.

Still have 3.0% until Feb 1st. After that will be 1% for me.
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Tamarind
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Re: HM Bradley - is it safe - FDIC response

Post by Tamarind »

I just managed to qualify for the 3.5% rate starting Jan 1. I'm assuming it will drop to 3% again Feb 1. Disappointed but it's still the easiest 3% out there.

This was always short-term for me as I'm using it to hold my cash for an upcoming home reno.
SnowBog
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Re: HM Bradley - is it safe - FDIC response

Post by SnowBog »

Tamarind wrote: Sun Jan 02, 2022 8:10 am I just managed to qualify for the 3.5% rate starting Jan 1. I'm assuming it will drop to 3% again Feb 1. Disappointed but it's still the easiest 3% out there.

This was always short-term for me as I'm using it to hold my cash for an upcoming home reno.
As I understand it, if you get the credit card and make at least $2500 direct deposit and $100 in charges on the card, it will stay at 3%. (Those used to get an extra 0.5%, maxing out at 3.5%. Now they are required to get the 3X and move from 1% to 3% if you save more than 20%.)
nolesrule
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Re: HM Bradley - is it safe - FDIC response

Post by nolesrule »

I crunched the numbers and decided it was worth it. I plan to put more than 20% of the direct deposit on the credit card each month (single category). Also, the interest deposit itself counts toward the total deposit amount used in the savings threshold calculation, so it won't be difficult to pull out all of the direct deposit funds and then some if I end up approaching the balance cap for earning interest.

And others have pointed out. Putting a large one-time expense on the card would knock the rewards rate on the regular monthly spend down to 2% which is what I'm getting on the card those particular expenses usually go on.

And lastly, the interest delta on money in savings more than makes up for the annual fee.

I'll re-evaluate if it gets to the point where it's not worth it.
jst
Posts: 118
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Re: HM Bradley - is it safe - FDIC response

Post by jst »

I finally decided this was worth pursuing further and got the credit card (haven't received it yet).

I'm maxed out in the account, so this will allow me to withdraw back down to $100K (via cc payments) and to keep the 3%, at least for some period of time until either HMB changes or other good opportunities arise.

I am wondering if I can pay my estimated taxes with this card. My credit limit is around $20K and I'll need to pay less than twice that in estimates in a few weeks. The fee to pay the IRS via a third-party cc processor is about 2%. But since that will be my largest category on HMB, I should get back 3%, right? Has anyone tried paying taxes with this card yet? I hate to make two payments and either get shut down or find that I don't qualify for the 3% in that category somehow, whatever category it ends up being.
MrJedi
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Re: HM Bradley - is it safe - FDIC response

Post by MrJedi »

jst wrote: Sun Jan 02, 2022 8:02 pm I finally decided this was worth pursuing further and got the credit card (haven't received it yet).

I'm maxed out in the account, so this will allow me to withdraw back down to $100K (via cc payments) and to keep the 3%, at least for some period of time until either HMB changes or other good opportunities arise.

I am wondering if I can pay my estimated taxes with this card. My credit limit is around $20K and I'll need to pay less than twice that in estimates in a few weeks. The fee to pay the IRS via a third-party cc processor is about 2%. But since that will be my largest category on HMB, I should get back 3%, right? Has anyone tried paying taxes with this card yet? I hate to make two payments and either get shut down or find that I don't qualify for the 3% in that category somehow, whatever category it ends up being.
The terms exclude tax payments from cashback:
https://www.hmbradley.com/credit-card-terms

However I've read of other people saying it does not appear to be enforced or perhaps not smart enough to do so. If you want to try, I would probably do a smaller test charge first to see if it earns cashback before doing a large one.
jst
Posts: 118
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Re: HM Bradley - is it safe - FDIC response

Post by jst »

MrJedi wrote: Sun Jan 02, 2022 8:38 pm
The terms exclude tax payments from cashback:
https://www.hmbradley.com/credit-card-terms

However I've read of other people saying it does not appear to be enforced or perhaps not smart enough to do so. If you want to try, I would probably do a smaller test charge first to see if it earns cashback before doing a large one.
Thanks - I don't think I'll get involved then.

Interestingly, they mention "Financial" as a category. I'm wondering what that could be. I can't think of any charges I have that can be put on a credit card that would fit that category except maybe my Intuit charges.
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